Townsquare Media Acquires Six In Massachusetts
Townsquare Media will pay $3,535,000 for Gamma Broadcasting LLC and Berkshire Broadcasting’s stations in the Pittsfield MA market. Gamma will also first pay $20,000 to Northeast Airchecks LLC for 94.1 W231AK Great Barrington and then transfer that to Townsquare as part of their deal.
Original Report 7/7: Townsquare Media has agreed to purchase Gamma Broadcasting LLC and Berkshire Broadcasting’s six stations and two translators in the Pittsfield MA market for an undisclosed amount.
The sale will include Hot AC “Live 95.9” WBEC-FM Pittsfield, Classic Hits “Whoopee 100.1” WUPE-FM North Adams/1110 WUPE Pittsfield/103.3 W277CJ Pittsfield/94.1 W231AK Great Barrington, Full Service AC 860 WSBS Great Barrington, AC 1230 WNAW North Adams, and News/Talk 1420 WBEC Pittsfield.
This is the third attempted sale of the cluster in recent years. A deal to Greg Reed in 2013 failed to close as did $3.15 million deal to Galaxy Communications last year. The acquisition will pair the cluster with Townsquare’s cluster in the adjacent Albany NY market.
Townsquare Media, Inc. (NYSE: TSQ) (the “Company”) today announced that it has entered into an agreement to acquire 6 radio stations and two FM translators in and around the Pittsfield, MA market, from Gamma Broadcasting LLC and Berkshire Broadcasting Co., Inc. (the “Acquisition”).
“We are very excited to announce this transaction which will strengthen our footprint in the Northeast,” commented Townsquare Chairman and Chief Executive Officer Steven Price. “We look forward to partnering with the Pittsfield team to bring our resources, including our digital and live event products, to Berkshire County’s advertisers and audience, and further build upon their success in the market.”
In connection with the Acquisition, Townsquare is acquiring assets including 3 radio stations and 1 FM translator (WBEC-FM 95.9, WBEC(AM) 1420, WUPE(AM) 1110 and a FM translator broadcasting at 94.1) from Gamma Broadcasting LLC. Townsquare is also acquiring the capital stock of Berkshire Broadcasting Co., Inc., including 3 radio stations and 1 FM translator (WUPE-FM 100.1, WNAW(AM) 1230, WSBS(AM) 860 and a FM translator broadcasting at 103.3). Pro forma for the Acquisition, Townsquare will own 318 radio stations in 67 markets, maintaining its position as the third largest owner of radio stations in the United States. The Company expects the Acquisition to close in the third quarter of 2017, subject to closing conditions and customary regulatory approvals.
Kalil & Co., Inc represented the Seller in connection with the Acquisition.